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Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Depreciation Expense Dividends Payable Income Summary Income Tax Expense Income Taxes Payable Land No Entry Other Operating Expenses Paid-in Capital in Excess of Par Value-Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock Retained Earnings Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue

1/8/201 6 Question 6 * Question 6 Pringle Corporation has been authorized to issue 22,000 shares of $100 par value, 8%, noncumulative preferred stock and 1,180,900 shares of nopar common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2014, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $157,500 Paidin Capital in Excess of Par ValuePreferred Stock 21,410 Common Stock 2,100,000 Paidin Capital in Excess of Stated ValueCommon Stock 1,643,000 Treasury Stock (5,380 common shares) 53,800 Retained Earnings 84,400 The preferred stock was issued for $178,910 cash. All common stock issued was for cash. In November 5,380 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2014. Prepare the journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Issuance of preferred stock for cash. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock for cash. No. Account Titles and Explanation Debit Credit 1. 2. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2014. PRINGLE CORPORATION Partial Balance Sheet December 31, 2014 t.uni 1/ 2 $ $ $ : $ Question Attempts: 0 of 3 used Copyright 20002016 by John Wiley & Sons, Inc. or related companies. All rights reserved